Shares of Arvind Fashions advanced over 10% to a 52-week high of Rs 265 apiece. The company had approved the preferential allotment of equity shares worth Rs 439 crore to various marquee investors, as per Sebi regulations, according to an exchange filing by Arvind Fashions on Saturday.
The marquee investors who partipicated in the fund raise are Akash Bhanshali, ICICI Prudential Mutual Fund, University of Notre Dame Du Lac, GP Emerging Markets Strategies L.P., The Ram Fund L.P., Ashish Dhawan and a promoter entity, Aura Merchandise Pvt Ltd.
Arvind Fashions said that the fund raise completed the capital requirement needed for the growth and it is unlikely that the company would require any more funding in the near to medium term.
The relative strength index on the stock was 72, suggesting that it may be overbought. Shares of Arvind Fashions added 73.4% in 2021 so far as compared to 17.1% for S&P BSE Sensex index.